Global defence producers to discover Saudi Arabia’s market potential at Kingdom’s first-ever industry show (Sponsored)
This Article is brought to you by World Defense Show (WDS)
Saudi Arabia has opened its doors to the world as it pursues an ambitious economic transformation program under Vision 2030. Liberal economic policies have propelled investment opportunities in the country’s high-tech sectors – including defence – with no sign of a slowdown due to the Kingdom’s effective economic response to the coronavirus pandemic.
According to the MSCI Emerging Markets Index, Saudi Arabia ranked as the best performing emerging market since the onset of the pandemic. Financial experts argue that the country’s economic rebound is due in part to favourable measures for foreign investors in key sectors.
There has never been a more opportune time for defence firms to do business in Saudi Arabia. Saudi’s General Authority for Military Industries (GAMI) has adopted a world-class regulatory framework to unlock win-win commercial agreements with international companies. Investors that support the country’s aim to localize half its military spending by 2030 can look forward to enhanced transparency, a simple permits and licensing process and 100% ownership of investments. These policies continue to yield positive results.
One such example of the flourishing business environment is that the scope of the joint venture agreement between Saudi Arabian Military Industries (SAMI) and Lockheed Martin to enhance the Kingdom’s defence and manufacturing capabilities continues to expand. By halfway through 2021, 6% of the total licenses GAMI granted had gone to international defence companies. Still, the Kingdom’s military leadership recognizes there is yet greater potential for foreign involvement in the local supply chain.
To unlock this potential, GAMI founded World Defense Show, the Kingdom’s first-ever defence event. Set to serve as the global stage for interoperability, hundreds of companies – from primes and OEMs to start-ups and SMEs – have snapped up exhibition space across the inaugural event’s purpose-built venue. The exhibitor list features a spate of international industry heavyweights including Lockheed Martin, Boeing, and General Dynamics.
The show’s tailored networking programs aim to build a bridge between the national defence ecosystem and global industry stakeholders to advance collaboration at every level of the Kingdom’s expanding value chains. Through the Meet the KSA Government program, GAMI’s governance framework will be put into practice, with attendees introduced to attractive incentives in place to facilitate new partnerships. One such initiative, the Industrial Participation Program (IPP), will enable foreign companies to support the Kingdom’s defence sector with everything from knowledge and technology transfers to local talent development.
Located at the crossroads of East and West, Saudi Arabia sits at the heart of the global supply chain. The Kingdom’s geographic accessibility extends significant strategic and commercial benefits to stakeholders from across the defence industry. Taking place biennially, World Defense Show will welcome the global community to shape the future of the industry in four action-packed days of innovation and trade.
Trade visitors have until February to register for the show. Registrants are automatically entered to receive a complimentary multi-entry visa, valid for one year – enabling new connections to continue beyond the show days. To attend World Defense Show in Riyadh from 6-9 March 2022, visit the following link.
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